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Monero enters ‘overbought’ danger zone after XMR price gains 75% in two weeks

Cryptocurrency13 minutes ago (May 23, 2022 12:20PM ET)

Monero enters 'overbought' danger zone after XMR price gains 75% in two weeks Monero enters ‘overbought’ danger zone after XMR price gains 75% in two weeks

Monero (XMR) price may witness a sharp pullback by June because its 75% rally in the last two weeks has left the gauge almost “overbought.”

Downside risks have been mounting due to XMR’s relative strength index (RSI), which almost hit 70 this May 23, indicating that the market is considered overvalued. An oversold RSI could amount to a bout of declining moves, as a rule of technical analysis.

four-hour price chart featuring RSI and rising wedge setup. Source: TradingView
XMR/USD four-hour price chart featuring ascending channel. Source: TradingView

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